Savings Goal Calculator
Find out exactly how much you need to save each month to reach your financial goal.
Frequently Asked Questions
How is the monthly savings amount calculated?
The calculator uses the future value of annuity formula to find the required monthly payment. It accounts for any existing savings (which grow with compound interest) and the interest earned on each monthly deposit. If your interest rate is 0%, the math simplifies to: (Goal − Current savings) ÷ number of months.
Does starting earlier really make a difference?
Enormously. To save $50,000 in 5 years at 4% interest you need about $754/month. To save the same amount in 10 years at the same rate, you only need about $338/month — less than half. Starting earlier means interest does more of the work for you, reducing how much you personally need to set aside.
What interest rate should I use?
Use the actual rate from your savings account, high-yield savings account, or investment account. High-yield savings accounts currently offer around 4–5% APY in many markets. If you're investing in index funds, a conservative long-term estimate is 6–7% annually, though actual returns vary. Use 0% if you're keeping money in a regular checking account.
What if I already have some savings?
Enter your current balance in the "Current savings" field. The calculator will factor in how that balance will grow with interest over your time period and subtract it from the remaining amount you need to save monthly. Having even a small starting balance can significantly reduce your required monthly contribution.